For a discussion centered on foreign policy, President Obama and Gov. Mitt Romney spent a lot of time discussing the condition of the U.S. auto industry during Monday night's presidential debate.
California dreamin'? Well, for Ohio-based Amp Electric Vehicles, wishes for some much-needed funding came true courtesy of one Golden State private-equity firm. Amp has announced it has received a $7.5 million investment from Orange County, CA-based Kodiak Capital Group. The funds will allow Amp to further expand its EV-fleet production.
The next chapter in the Saab opera has a new protagonist called Brightwell Holdings, a Turkish private equity firm. Brightwell is is perhaps the unknown Turkish entity mentioned last year as having an interest in bankrupt Saab, along with India's Mahindra & Mahindra. A board member at Brightwell said the company will spend two weeks evaluating Saab's assets and then will make a bid, "there's no question."
After months of speculation, the Chrysler sale happened without too much fanfare on Monday morning, as Cerberus came out as the top bidder, and several potential investors came away empty-handed. One of the few groups vying for control of Chrysler was its own employees, and Automotive News is reporting that those UAW members feel they never got a real chance.
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